OKX Europe has opened a one-way conversion route across 30 EU and EEA countries, allowing customers to deposit USDT and exchange it for MiCA-compliant USDC.
Summary
- OKX Europe now lets users deposit USDT and convert it into MiCA-compliant USDC.
- Tether continues to reject MiCA approval over concerns about the framework’s reserve requirements.
- Binance’s European retreat has left licensed exchanges competing for users affected by MiCA restrictions.
According to an OKX announcement, eligible customers can send Tether’s USDT to their OKX Europe accounts before converting the tokens into Circle-issued USDC. OKX also promoted an 8% deposit bonus for customers moving funds to the platform.
Unlike automatic conversion programs introduced by some platforms, OKX said its service allows users to decide when to exchange their holdings. The company positioned the feature as an option for customers whose current platforms have stopped accepting USDT or plan to convert remaining balances after a deadline.
Operating under a Markets in Crypto-Assets license, OKX Europe currently serves customers across 30 countries in the European Union and European Economic Area. The authorization allows the exchange to offer regulated crypto services throughout those markets under the EU framework.
MiCA restrictions push USDT holders toward USDC
European platforms have reduced support for USDT because Tether has not secured authorization to issue the stablecoin under MiCA. Since the regulation’s final transition period ended on July 1, exchanges have restricted deposits, removed trading pairs and directed customers toward approved alternatives.
Circle’s USDC has become one of the main options available to those users because it operates under the EU framework. OKX’s new tool supports deposits only in USDT and conversions only into USDC, meaning customers cannot use the feature to exchange USDC back into USDT.
Despite the European restrictions, DefiLlama data shows that USDT remains the world’s largest stablecoin. Tether controls about 59% of the nearly $310 billion stablecoin market, with USDT holding roughly $184 billion in market value, compared with around $73 billion for USDC.
Revolut has also announced plans to stop supporting USDT for customers in the EEA and Switzerland. According to the digital banking platform, users have until Aug. 31 to sell or withdraw their holdings before Revolut converts any remaining tokens into each customer’s base currency.
Tether holds its ground as Binance retreats
Tether CEO Paolo Ardoino has repeatedly defended the company’s decision not to seek MiCA approval, arguing that the framework’s reserve rules could expose stablecoin issuers to additional risks. MiCA requires issuers to hold part of their reserves with European credit institutions.
During an earlier interview, Ardoino described the rules as “very dangerous when it comes to stablecoins,” while acknowledging that refusing authorization could reduce USDT’s availability on European exchanges.
Tether maintained the same position in July 2025, when Ardoino wrote on X that the company would reconsider an application only “when MiCA becomes safer for consumers and stablecoin issuers.”
Tether was not the only major crypto company affected by the EU framework. Binance, the world’s largest crypto exchange by trading volume, withdrew its MiCA license application in Greece after failing to secure approval and began suspending services in several EU countries when the 18-month transition period ended.
Binance’s retreat has left Coinbase, OKX and other MiCA-licensed exchanges competing for European customers as regulated platforms take a larger role in the region. For OKX, the USDT-to-USDC route gives affected holders a voluntary conversion option while European support for Tether’s stablecoin continues to decline.
